NuVasive (NASDAQ:NUVA) was downgraded by equities researchers at Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a note issued to investors on Wednesday, January 17th, MarketBeat reports. They currently have a $65.00 price target on the medical device company’s stock. Wells Fargo & Co’s price target indicates a potential upside of 40.00% from the company’s current price.
A number of other analysts also recently issued reports on NUVA. TheStreet downgraded NuVasive from a “b-” rating to a “c+” rating in a research note on Friday, October 13th. Piper Jaffray Companies reiterated a “buy” rating and set a $90.00 price target on shares of NuVasive in a report on Thursday, September 28th. Royal Bank of Canada reiterated a “buy” rating and set a $75.00 price target on shares of NuVasive in a report on Tuesday, October 10th. JPMorgan Chase & Co. set a $78.00 price target on NuVasive and gave the stock a “buy” rating in a report on Wednesday, October 25th. Finally, BidaskClub cut NuVasive from a “sell” rating to a “strong sell” rating in a report on Thursday, January 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the company. NuVasive has an average rating of “Buy” and an average price target of $72.33.
Shares of NuVasive (NASDAQ:NUVA) traded up $0.40 on Wednesday, hitting $46.43. The company’s stock had a trading volume of 1,230,000 shares, compared to its average volume of 1,087,617. NuVasive has a twelve month low of $44.62 and a twelve month high of $81.68. The firm has a market cap of $2,366.44, a P/E ratio of 24.57, a PEG ratio of 1.31 and a beta of 0.50. The company has a quick ratio of 1.51, a current ratio of 2.85 and a debt-to-equity ratio of 0.76.
NuVasive announced that its Board of Directors has authorized a stock repurchase program on Tuesday, October 24th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the medical device company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of NuVasive by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 4,164,226 shares of the medical device company’s stock worth $320,312,000 after acquiring an additional 53,769 shares in the last quarter. Icon Advisers Inc. Co. acquired a new stake in shares of NuVasive during the 3rd quarter worth about $360,000. Dynamic Technology Lab Private Ltd acquired a new position in NuVasive during the second quarter worth approximately $501,000. Sector Gamma AS acquired a new position in NuVasive during the third quarter worth approximately $10,149,000. Finally, Public Employees Retirement System of Ohio increased its position in NuVasive by 68.3% during the second quarter. Public Employees Retirement System of Ohio now owns 115,372 shares of the medical device company’s stock worth $8,874,000 after buying an additional 46,805 shares during the period.
Nuvasive, Inc is a medical device company. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine surgery. Its product portfolio focuses on applications for spine fusion surgery, including biologics used to aid in the spinal fusion process.
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